Chatham Rock Phosphate will target an AIM listing on the London alternative stock exchange following receipt of its Marine Consent approval, currently expected at the end of November.

The company has been investigating a capital raising and listing over the past few months.

“The directors have decided it is preferable, in terms of restricting dilution and enhancing shareholder value, to have an Initial Public Offering in London after we receive the marine consent,” managing director Chris Castle said.

“As a result sufficient funds are being raised to meet the company’s needs for the next few months.”

Existing shareholders will have the opportunity to participate at the same price as private placements being made.